Nogger's Blog

03/08/11 -- Soybeans: Aug 11 Soybeans closed at USD13.64, down 9 cents; Nov 11 Soybeans closed at USD13.73, down 6 3/4 cents; Aug 11 Soybean Meal closed at USD353.00, down USD4.20; Aug 11 Soybean Oil closed at 56.28, down 81 points. A cooler and wetter August outlook saw beans give up some of Tuesday's gains with outside markets doing little to offer support. Crude oil finished around USD92/barrel on global economic concerns. Funds sold an estimated 4,000 bean contracts on the day. Estimates for tomorrows weekly export sales report range from 450 to 650 TMT.

Corn: Sep 11 Corn closed at USD7.06, down 5 1/4 cents; Dec 11 Corn closed at USD7.13, down 2 3/4 cents. Funds sold an estimated 8,000 contracts on the day as bullish enthusiasm waned weighed down by lacklustre outside markets. The lack of follow through buying following Tuesday's limit up move was a disappointment to the bulls. Further yield forecasts are filtering through, and they all now seem to be around the 150-152bpa range, well below the USDA's 158.7bpa number from last month. Estimates for tomorrows weekly export sales range from 850 thousand to 1.1 million MT.

Wheat: Sep 11 CBOT Wheat closed at USD7.10 1/2, down 7 1/2 cents; Sep 11 KCBT Wheat closed at USD7.98, down 10 cents; Sep 11 MGEX Wheat closed at USD8.44 3/4, down 4 3/4 cents. Wheat was also in corrective mode after sharp gains Tuesday with funds selling an estimated 3,000 CBOT contracts on the day. Corn failed to offer any support for wheat today and neither did the outside markets. Egypt is tendering again for wheat with few expecting anything other than another resounding Russian victory. Trade estimates for tomorrow's weekly export sales range from 350 to 500 thousand MT.